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Press Release: AS Tallinna Sadam signed agreements with MPG AgroProduction OÜ for the development of an oilseeds processing and logistics complex in Muuga Harbour

29 Jun 2018 5:00 am
 
   On 28 June 2018 AS Tallinna Sadam (hereafter "Tallinna Sadam") signed a 
cooperation agreement and a building title agreement with MPG 
AgroProduction OÜ (hereafter "MPG") for the development of an 
oilseeds processing and logistics complex at Muuga Harbour. The 
agreements were signed for a term of 99 years. According to the 
agreements, MPG will construct a plant for processing oilseeds, a 
superstructure for loading and unloading raw material and end products 
on the quays, as well as loading facilities for transporting raw 
material and end products to and from Muuga Harbour using the railway 
and road network. MPG's investment into the superstructure and 
facilities is estimated to be approximately EUR 200 million. The complex, 
covering an area of approximately 50 ha, will be situated in the eastern 
part of Muuga Harbour, which was formerly used by Coal Terminal AS 
(currently under bankruptcy proceedings). 
 
   The project development is planned to be executed in full capacity 
during the next five years, subject to the processing of relevant 
construction and environmental permits and confirmations by the local 
municipality. The complex is expected to start operating in 2020 at the 
earliest and is expected to reach full capacity by 2024 at the earliest. 
Total processing capacity of the complex is estimated to be 1.5 million 
tonnes per year which could result in total additional annual cargo 
volume of 2.5 million tonnes for Tallinna Sadam. 
 
   MPG is an Estonian company established in 2017 by a group of European 
investors. It is expected that approximately 300 direct jobs and 1000 
indirect jobs will be created after the complex starts operating at full 
capacity. 
 
   Tallinna Sadam is one of the largest cargo- and passenger port complexes 
in the Baltic Sea region, which in 2017 serviced 10.6 million passengers 
and 19.2 million tons of cargo. In addition to passenger and freight 
services, Tallinna Sadam group also operates in shipping business via 
its subsidiaries -- OÜ TS Laevad provides ferry services between 
the Estonian mainland and the largest islands, and OÜ TS Shipping 
charters its multifunctional vessel m/v Botnica for icebreaking and 
construction services in Estonia and off-shore projects abroad. Tallinna 
Sadam group is also a shareholder of a joint venture AS Green Marine, 
which provides waste management services. Tallinna Sadam group's sales 
in 2017 totaled EUR 121.3 million, adjusted EBITDA EUR 66.5 million and 
net profit EUR 26.4 million. 
 
   Additional information: 
 
   Marko Raid 
 
   Chief Financial Officer/Member of the Management Board 
 
   AS Tallinna Sadam 
 
   m.raid@ts.ee 
https://www.globenewswire.com/Tracker?data=bIeHOHCHL8hcMhtWsUIQBxuPRL2bC7PadQdAKbz4IGTh0c5AeG55UBYFbaxjqETpV0QmsVT9DQEDOd1bHifP_Q== 
 
 
 
 
 

(END) Dow Jones Newswires

June 29, 2018 01:00 ET (05:00 GMT)
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